Do you know who has the biggest impact on your company’s revenue?
You might think it’s Sales because they close deals. Or maybe it’s Marketing because they help find new prospects. And what about product teams? Without them there would be nothing to buy.
The real answer? It’s your customer.
The sign of a successful marketing strategy is how well you know your customer. Research done by Deloitte and Touche found that customer-centric companies were 60% more profitable compared to companies that were not. That’s why in this episode of Revenue Science, we’re discussing the importance of optimizing customer touchpoints to improve your bottom line:
Vianai’s Head of Marketing, Shabana Khan and Dealtale’s VP of Product, David Lotan Bolotnikoff, joined me for an in depth conversation on customer touchpoints. One thing we kept coming back to was how fast a customer’s buying behavior can change and what we can do to keep up with them as we enter 2023.
Customer Buying Behavior is Evolving
Since the pandemic, customers have become a little bit more…introverted. In 2020, the world faced some big lifestyle changes. Because of that, we are now starting to see the effects a remote workplace has had on a B2B customer’s buying behavior.
TrustRadius recently reported that 87% of today’s buyers are looking for self-serve options as part of their journey and that 57% already make purchase decisions without ever contacting a seller.
So gone are the days where a customer contacts a sales representative to get their hands on a product, pricing or just general information. Like Khan said, “I think buyers really want to cut to the chase. We can cut out all the fluff. Come to me at the right time with the right product. Let me see it. Let me try it. And then let’s go from there.”
But just because we are entering into a world where customers prefer a no-contact or low-contact sales approach, it doesn’t mean people aren’t buying. In fact, McKinsley reported that globally, 62% of B2B decision makers are now willing to spend $50,000 or more in online purchases – and 1 in 5 would spend more than $500,000.
With numbers like that, sign me up.
Personalized Touchpoints Equals Success
Alright, so a low-to-no contact sales approach sounds like a dream right? Build the perfect landing page and just watch the revenue roll in.
Well… it’s a little bit more complicated than that. While B2B customers are expecting more answers before they even talk to a human being, they are also still chasing a personalized experience when they do interact.
TrustRadius reported that 95% of buyers are unlikely to respond to non-personalized communications and according to Outreach.io, personalized email subject lines lead to a 22% increase in open rate. So those independent customers that we love still require a whole bunch of TLC.
I know, it can start to feel like we’re spinning in circles here. Customers want less interaction but also require a more personalized experience. It feels like this extreme balancing act that’s difficult to optimize but can also be tough to scale. And, this is where data science becomes a marketers’ best friend.
Three Steps for Realistic Scaling
Salesforce surveyed over 13,000 consumers and 4,000 businesses in their State of the Connected Customer report and found that 73% of respondents expect companies to understand their unique needs and expectations.
So, here’s the challenge: To meet customers expectations, we need to improve individual customer touchpoints but this also has to be done at scale. The good news is that with a little bit of Revenue Science we can optimize marketing campaigns for better outcomes by taking a more incremental approach, according to Lotan Bolotnikoff. Here’s what that might look like:
- The first thing you’ll need to do is confirm that your customer touchpoints are based on the right business KPIs. This makes the incremental changes you’ll make so much more strategic.
- Next you’ll want to get hyper targeted on who you’re chatting with. Changes should be based on the behavior of subgroups rather than your entire customer list. For example, maybe one of the marketing actions you want to take is offering a discount. Giving a discount to someone who was already going to buy is a waste of money, instead find the subgroup of customers who are showing signs of churning and offer them a discount to stay. Hyper-focused targeting helps make things more personal at every step of the funnel.
- Finally, identify what incremental changes you’ll make based on your KPIs and subgroups. That discount code is one example, but there are so many other actions you can take to improve touchpoint outcomes. Our suggestion? Try changing your creatives, be more detailed with buyer personas and make sure all actions are based on data.
Data-driven Marketing Actions Improve Outcomes
Sometimes being presented with a ton of data can be a little overwhelming especially when it can affect the success of customer engagement.
You might find yourself asking questions like: What actions should I take? At what stage of the funnel should I take them? What happens if I engage too soon or interact too late? There are a lot of tools on the market that will help aggregate data for you, but the right tool will help answer those questions. To get answers you’ll need the help of artificial intelligence.
Intelligence helps us create a more scalable and customized buyer experience by asking the question that Khan asked today, “What should I do to cause a behavior, to cause a relationship to move along?”
In 2023 we’re doing the impossible. We’re giving our customers what they want: no-to-low contact sales and a hyper-personalized experience. To make this resolution a reality, you’ll need a little help from Dealtale.
Schedule a demo with one of our Revenue Scientists to learn how you can optimize and scale your customer’s buying journey.